Eric Fifield
Chief Sales Officer
EFG Companies
Clearly, we are in the midst of challenging times. Due to shelter-in-place orders, many in the U.S. are working from home or furloughed, and millions have lost their jobs, with cars parked in the driveway. Others have picked up a delivery job and are putting many unexpected miles on their vehicles. And for those who perform essential functions that we rely on, it is business as usual with a whopping dose of added stress. Whatever the situation, everyone is burdened in some way.
In the retail automotive industry, we’ve been through hard times before. Most recently, the Great Recession taught the industry a lot about running a financially sound business through both economic ups and downs. Since then, the industry has drastically changed with the progression of online retailing. As dealers ramp up online retailing efforts to stay engaged with consumers stuck at home, EFG has once again brought to market its traffic-driving, market differentiator – WALKAWAY Vehicle Return Protection.
Provided complimentary on automotive financing, WALKAWAY allows consumers the option to return their vehicle in the event any of these unforeseen life events occur:
- Involuntary unemployment
- Physical disability
- Loss of driver’s license due to medical impairment
- Self-employment personal bankruptcy
- Accidental death
- International employment transfer
WALKAWAY covers up to $7,500 of negative equity associated with a vehicle purchase, regardless of age, health, or vehicle type, giving consumers the freedom to walk away from negative equity without impacting their credit. Since bringing the product to market in 2007, close to 1,000,000 Americans have been protected by WALKAWAY.
For dealers, WALKAWAY is a true point of differentiation and an empirically proven avenue for revenue growth. When EFG first commercially launched WALKAWAY in 2007 as part of Hyundai Assurance, Hyundai experienced an eight percent increase in unit sales while the rest of the industry declined by 21 percent. Over the next two years, the manufacturer grew market share by 53 percent.
WALKAWAY gives dealers an effective answer to declining consumer confidence by:
- Giving consumers the motivation and confidence to purchase their next vehicle, enabling dealers to sell more units
- Increasing customer satisfaction, driving repeat business
- Preserving their customers’ credit for future purchases
In addition to increasing market presence and unit sales by offering WALKAWAY complimentary, dealers may potentially increase profit per unit sold with upgrade options that:
- Extend coverage for the life of the loan up to 84 months
- Provide payment relief for up to 6 months
- Increase negative equity coverage, up to $15,000
- Extend benefits to cover temporary job loss, mental disability, critical illness, and death due to critical illness
But more importantly, WALKAWAY gives dealerships an invaluable market intangible – customer trust. Successful dealerships are defined by how they support their customers. Providing this level of extremely relevant protection and support regarding their finances can directly impact their daily lives. WALKAWAY cements for the customer that you are the dealership that has their financial health in mind – the one they can trust.
To quote a WALKAWAY contract holder, “I thought I would never have to use the WALKAWAY program,” said Monica Lagarin. “I lost my job and I have bills to pay. When the claim was approved and I received payment relief, I was able to manage my other bills without having to worry about my car.”
Impact sales immediately now, and when the economy turns back on, position your dealership to capture market share faster than your competitors with WALKAWAY.